Cathay Pacific 2009 Annual Report Download - page 37

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Directors’ Report
We submit our report and the audited accounts for the
year ended 31st December 2009 which are on pages
48 to 97.
Activities
Cathay Pacific Airways Limited (the “Company”)
is managed and controlled in Hong Kong. As well as
operating scheduled airline services, the Company
and its subsidiaries (the “Group”) are engaged in
other related areas including airline catering, aircraft
handling and aircraft engineering. The airline operations
are principally to and from Hong Kong, which is
where most of the Group’s other activities are also
carried out.
Details of principal subsidiaries, their main areas of
operation and particulars of their issued capital, and
details of principal associates are listed on pages 96
and 97.
Accounts
The profit of the Group for the year ended 31st
December 2009 and the state of affairs of the Group
and the Company at that date are set out in the
accounts on pages 53 to 97.
Dividends
We recommend the payment of a final dividend of
HK¢10 per share for the year ended 31st December
2009. As no interim dividend was declared for the
period ended 30th June 2009, this makes a total
dividend for the year of HK¢10 per share. This
represents a total distribution for the year of HK$393
million. Subject to shareholders’ approval of the final
dividend at the annual general meeting on 12th May
2010, payment of the final dividend will be made on
1st June 2010 to shareholders registered at the close
of business on the record date, 12th May 2010.
The register of members will be closed from 7th May
2010 to 12th May 2010, both dates inclusive, during
which period no transfer of shares will be effected.
In order to qualify for the entitlement of the final
dividend, all transfer forms accompanied by the
relevant share certificates must be lodged with the
Company’s share registrars, Computershare Hong
Kong Investor Services Limited, 17th Floor, Hopewell
Centre, 183 Queen’s Road East, Hong Kong, for
registration not later than 4:30 p.m. on Thursday,
6th May 2010.
Reserves
Movements in the reserves of the Group and the
Company during the year are set out in the statement
of changes in equity on pages 57 and 58.
Accounting policies
The principal accounting policies are set out on pages
48 to 52.
Donations
During the year, the Company and its subsidiaries
made charitable donations amounting to HK$10 million
in direct payments and a further HK$4 million in the
form of discounts on airline travel.
Fixed assets
Movements of fixed assets are shown in note 10 to
the accounts. Details of aircraft acquisitions are set out
on page 12.
Bank and other borrowings
The net bank loans, overdrafts and other borrowings,
including obligations under finance leases, of the
Group and the Company are shown in notes 15 and 21
to the accounts.
Share capital
During the year under review, the Group did not
purchase, sell or redeem any shares in the Company.
The Company adopted a share option scheme on 10th
March 1999. During the year, 1,098,500 shares were
issued under the scheme. Details of the scheme can
be found in note 22 to the accounts.
At 31st December 2009, 3,933,844,572 shares were in
issue (31st December 2008: 3,932,746,072 shares).
Details of the movement of share capital can be found
in note 22 to the accounts.
Cathay Pacific Airways Limited Annual Report 2009 35